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PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET | 6 Months Ended
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Jun. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET | 4. PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET
Schedule of prepaid expenses and other current assets |  |  |  |  |  |  |  |
|  | December 31, |  |  | June 30, |
|  | 2024 |  |  | 2025 |
|  | US$’000 |  |  | US$’000 |
Deposits |  |  | 6 |  |  |  | 7 |
GST receivable |  |  | 7 |  |  |  | 2 |
Margin deposits * |  |  | 66 |  |  |  | 63 |
Other receivables – Third parties ** |  |  | 337 |  |  |  | 682 |
Other receivables – Related party |  |  | 30 |  |  |  | 30 |
Unrealized gain on commodity future contract |  |  | – |  |  |  | 230 |
Prepayment to suppliers – Third parties *** |  |  | 3,075 |  |  |  | 3,204 |
|  |  | 3,521 |  |  |  | 4,218 |
* | Margin deposits relate to deposits placed with Phillip Nova Pte. Ltd. for derivative instruments entered into for the purpose of managing the Company’s commodity price risk (Note 14).
** | The balance mainly represents current portion of the other receivables reclassified from prepayments made to suppliers. Certain prepayments to two suppliers made in 2023 of US$1,475,566 was reclassified to other receivables as the procurement agreements were cancelled in 2024. A repayment schedule was agreed with the suppliers in 2024 and the portion to be settled after June 30, 2025 was reclassified as “Other receivables - non-current, net” accordingly. As at June 30, 2025, allowance for credit losses of US$284,364 was provided for these other receivables.
*** | The amount represents payments made to third parties for forthcoming goods and services to be derived at the end of the contract term.

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